Atrium Mortgage Investment Corporation
Reports Highest Ever Q2 Revenue / Lower Rates Fuel Growth Prospects
Published: 8/13/2024
Author: FRC Analysts
Sector: Financial Services | Industry: Mortgage Finance
Ticker Symbols:AI.TO - TSX 🔹AMIVF - NASDAQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $11.16 |
| Fair Value | CAD $13.03 |
| Risk | 3 |
| 52 Week Range | CAD $9.76-11.66 |
| Shares O/S (M) | 44 |
| Market Cap. (M) | CAD $495 |
| Current Yield (%) | 9.4 |
| P/E (forward) | 10.6 |
| P/B | 1.0 |
Already a subscriber?
Want to know the fair value of the stock?
Subscribe for free to get exclusive insights and data.
Report Highlights
- In Q2-2024, AI recorded its highest-ever Q2 revenue (up 6% YoY), amid higher lending rates and mortgage originations, aligning with our estimate.
- However, EPS was down 20% YoY, driven by higher loan loss provisions, missing our estimate by 5%. Annual regular dividends remained unchanged at $0.90/share.
- Despite sluggish sector activity, we were encouraged by a 53% YoY increase in AI’s loan advancements. Consequently, mortgage receivables (gross) rose 2% QoQ to $908M – the highest
